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Temasek and GIC in talks with Adani Group on Green industry
Three months ago (Oct 2022), Indian billionaire Gautam Adani, said to be the richest person in Asia, was reportedly in talks with Singapore’s two sovereign wealth funds, Temasek Holdings and GIC, to raise at least US$10 billion to fund its business expansion.The Adani Group wanted to invest more than US$100 billion over the next decade, most of it in the energy transition business, Adani announced.
Adani is seeking to raise his international profile and is aggressively branching into new businesses in India, where he is seen to enjoy a close relationship with PM Narendra Modi.
Adani’s executives personally flew to Singapore to talk with Temasek and GIC, after meeting with other investors. The plan was to raise the capital in multiple tranches, likely through the sale of stakes in the group’s firms or associated entities.
At the time, when asked by Reuters about the meeting, Temasek said it does not comment on market speculation and rumors.